Three quarters of the billion hungry people in the world are smallholder farmers. Volatile prices hurt the long-term food security of the world’s poorest, including farmers who depend on agriculture for both food and income. This research area asks:

• How are global food markets linked?
• How do shortages in one country affect food prices around the world?
• What are the impacts of food price volatility on the food security of the world’s poor?
• What policy tools can be used to stabilize global food prices?